Legal Opinion
Hendershot v. Charleston National Bank
Indiana Supreme Court
Decided November 27, 1990No. 27S02-9011-CV-746PublishedCited by 5 opinions
1Opinion of the Court
SHEPARD, Chief Justice.
This case presents an issue of first impression: whether a guarantor or surety1 is released from his obligation when a creditor settles with and releases the primary obligor while specifically reserving its right of recourse against the guarantor. We hold that the guarantor is not released from his obligation.
William P. Hendershot was president, chief executive officer and majority shareholder of Mastercoach, Inc., a West Virginia corporation engaged in the business of van conversion. On January 14, 1985, Mastercoach entered into a written floor plan security agreement…
2Cases cited6 opinions
- Gholson v. SavinOhio Supreme Court · 1941
- Continental Bank & Trust Co. v. AkwaWisconsin Supreme Court · 1973
- Lutz v. Frick Co.Indiana Supreme Court · 1962
- SEC. Nat. Bank of Kansas City v. Continental Ins.District Court, D. Kansas · 1982
- Warner Lambert Pharmaceutical Company v. SylkDistrict Court, E.D. Pennsylvania · 1971
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Chicago Title Insurance v. Lumbermen's Mutual Casualty Co.Court of Special Appeals of Maryland · 1998
- State Bar of California v. StatileCalifornia Court of Appeal · 2008
- The Hardaway Company, Plaintiff-Counter-Defendant-Appellant v. Amwest Surety Insurance Company, Defendant-Counter-Claimant-AppelleeCourt of Appeals for the Eleventh Circuit · 1993
- SPCP Group, L.L.C. v. Dolson, Inc.Indiana Court of Appeals · 2010
- Hendershot v. Charleston National BankIndiana Supreme Court · 1990